File this form for each person to whom your business paid during the year:

• Payments paid to a single contractor, individual, partnership, or LLC totaling $600 or more for services performed (ie consulting, maintenance, lawn care etc.)

• Payments totaling $600 or more for rent paid to an individual, partnership or LLC (ie office space, machines, equipment or land etc.)

• Legal Fees totaling $600 or more.

• Payments totaling $600 or more for commissions, interest, royalties, prizes, dividends, annuities and any other type of compensation of income to a single recipient.

• Payments totaling $600 or more in interest paid to an individual, partnership, corporation or LLC.

Note: Generally, payments to corporations, such as The Kane Firm CPA, PC, do not require the issuance of a 1099 with the exception of payments for legal services, medical and health care service payments or cancellation of debt.  Often times a business’s name will indicate if it is a corporation (ie “Inc.,” “Corp.,” “PC.”) Also, use this form to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

When are forms 1099 due?

The IRS filing due date is:  January 31, 2018

If I need to have 1099’s issued, what information is needed and what do I need to do?

The Kane Firm will assist clients to prepare these forms when the following information is provided us by 1/15/18:

• Legal Name

• Address

• EIN/SSN

• Amount Paid

• Type of Service Provided 

The best way to acquire Legal Name, Address, and EIN/SSN is to have the vendor fill out a W-9 form.

Form W-9